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U.S. DOE Commits $7.54B Loan for Stellantis-Samsung SDI EV Battery Plants in Indiana, Creating 6,000 Jobs

Dec 2, 2024, 01:51 PM

The U.S. Department of Energy has announced a conditional commitment for a loan of up to $7.54 billion to StarPlus Energy, a joint venture between Stellantis and Samsung SDI. The loan will support the construction of two lithium-ion battery plants in Indiana, specifically aimed at bolstering Stellantis' electric vehicle production. The initiative, tied to the $STLA ticker, is expected to create over 6,000 jobs and is part of broader U.S. industrial policy efforts to strengthen domestic manufacturing and clean energy industries.